ethereum price started another decline and traded below $2,920. eth could gain bearish momentum if it closes below the $2,800 support zone.
- ethereum remained in a bearish zone and traded below the $2,900 zone.
- The price is trading below $2,950 and the 100 hourly simple moving average.
- A connecting bearish trend line is forming with resistance at $3,050 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could continue to decline if it remains below the $3,050 resistance.
ethereum price extends losses
ethereum price remained in a bearish zone below the $3,120 level, as did bitcoin. eth traded below the $3,000 level. The bears even pushed the price below the $2,920 level.
A low was formed at $2,813 and the price is now consolidating. There was a minor increase above the $2,900 level. The price tested the 23.6% Fibonacci retracement level of the descending wave from the high of $3,355 to the low of $2,813. However, the bears were active near the $2,950 and $2,965 levels.
ethereum is now trading below $3,000 and the 100 hourly simple moving average. The immediate resistance is near the $2,965 level. The first major resistance is near the $3,050 level and the 100 hourly simple moving average.
There is also a connecting bearish trend line forming with resistance at $3,050 on the hourly chart of eth/USD. The trend line is near the 50% Fibonacci retracement level of the descending wave from the high of $3,355 to the low of $2,813.
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Fountain: ETHUSD on TradingView.com
The next key resistance lies at $3,085, above which the price could gain traction and rise towards the $3,150 level. A close above the $3,150 resistance could send the price towards the $3,250 resistance. If there is a move above the $3,250 resistance, ethereum could even test the $3,350 resistance. Any further gains could send Ether towards the $3,500 resistance zone.
More disadvantages in eth?
If ethereum fails to clear the $3,050 resistance, it could continue down. Initial support on the downside is near the $2,850 level. The first major support is near the $2,820 area.
The main support is near the $2,820 level. A clear move below the $2,820 support could push the price towards $2,650. Any further losses could send the price towards the $2,540 level in the near term.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $2,820
Main Resistance Level: $3,050
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